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- Ireland’s Individual Accountability Framework (“IAF”) – What You Need to Know
Introduction - The Central Bank (Individual Accountability Framework) Act 2023 (the “Act”) was signed into law on 9 March 2023. The Act amends several existing pieces of legislation2 and is amongst the most significant pieces of legislation impacting the powers of the Central Bank of Ireland (“Central Bank”) in recent years. The key objectives of the Act are to improve the management of risk in regulated financial service providers and outcomes for consumers. Please see full Publication below for more information.
- Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds January to March 2023
Welcome to the January – March 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter under the following headings: UCITS & AIFMD developments including the latest ESMA Q&As; Central Bank developments including its: Industry Letter on Costs and Fees - Risk Outlook Report for 2023; and - latest PRIIPs KID Guidance; as well as... Please see the full Report below for more information.
- Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds October to December 2022
Welcome to the October – December 2022 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key developments during the quarter under the following headings: UCITS & AIFMD developments; Central Bank developments; as well as other legal and regulatory developments, including ESG related updates. Please see full Report below for more information.
- Chambers Global Aviation Finance & Leasing Guide 2022: Ireland
1.1.1 Taxes/Duties Payable Upon Execution of the Sales Agreement VAT Whether there will be any VAT payable on the sale of an aircraft is determined by its physical location at the point of sale. If the aircraft is physically located in Ireland at the time, the place of supply for Irish VAT purposes will be Ireland. As a result, the seller will be liable for any Irish VAT chargeable on the supply, at 23%. However, if the aircraft will be used outside the EU or by a transport undertaking operating for reward chiefly on international routes, Irish VAT will apply at 0%. The seller will be obliged to be registered for VAT in Ireland, regardless of whether the 0% or 23% rate applies. Please see full Alert below for more information.
- Ireland Update: Updates on SFDR Level 2
On 4 October 2022, the Central Bank of Ireland published a notice of intention with process clarifications for UCITS and AIFs pre-contractual documentation updates ahead of the implementation of the SFDR Level 2 requirements applying from 1 January 2023. The Central Bank’s intention to make a fast-track filing process available for prospectus updates had been flagged in advance by the Central Bank to industry. Please see full Advisory below for more information.
- Budget 2023 – Tax Highlights
Last year's Budget was presented as setting a course for a journey to a post-pandemic Ireland in 2022. Few could have expected the global economic challenges that were awaiting, including the war in Ukraine, rising inflation and a global energy crisis. Set against this backdrop, Ireland's Budget 2023 was presented as a "Cost of Living Budget" to support individuals, families and businesses to deal with rising prices. However, the Budget also struck an optimistic tone in terms of the remarkable recovery in Ireland's labour market over the past year and the strength of tax revenues, while also exercising prudence to ensure a sustainable and strong economy into the future. Please see full Alert below for more information.
- End of Court Year Case Digest: Irish Insolvency & Restructuring Judgments
As another Irish Court year will soon commence, now is an opportune time to look back at some of the more interesting insolvency and restructuring judgments to have been delivered in the Superior Courts during the last 12 months. The judgments explored below will prove of relevance and importance to practitioners and clients navigating distressed corporates and assets over the coming weeks and years. Please do get in touch with your Walkers Ireland Insolvency and Dispute Resolution contact or any of the contacts listed below with any comments or queries. Please see full Article below for more information.
- Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022
The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the “2022 Act”) was commenced on 16 May 2022. The introduction of the 2022 Act ensures that providers and servicers of hire purchase products including personal contract plans (PCP), consumer hire, and a broader range of credit, will now need to be authorised by the Central Bank of Ireland (the “CBI”). Please see full Update below for more information.
- Central Bank Publishes Outsourcing Register - Submission Requirements
The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain. For any entities that are required to submit registry information to the Central Bank, details of outsourcing arrangements in place as of 31 December 2021 must be submitted via the online reporting system by close of business on 7 October 2022. Please see full Article below for more information.
- Central Bank of Ireland - Anti-Money Laundering Bulletin for the Funds Sector
Having recently conducted a number of anti-money laundering, counter financing of terrorism and financial sanctions (“AML/CFT/FS”) supervisory engagements with Funds and Fund Management Companies (“Firms”), the Central Bank of Ireland (“CBI”) has published a bulletin (the “Bulletin”) which details its findings and expectations across the following key areas: Corporate Governance; AML/CFT/FS Business Risk Assessment; Outsourced AML/CFT/FS Activities; and Customer Due Diligence. Please see full Article for more information.
- Irish Central Bank Updates UCITS Notices, Non-UCITS Notices and Related Guidance Notes
The Central Bank has recently announced that it has amended its UCITS Notices, Non-UCITS Notices (“NU Notices”) and related Guidance Notes effective 23 December 2011 and announced policy changes. While the majority of the amendments are technical in nature, some of the amendments made and policy...
- Death of the “Double Irish Dutch Sandwich”? Not so Fast.
On October 14, 2014, the Irish Minister for Finance released proposals as part of the 2015 Irish Budget that would cause Irish incorporated non-resident (“INR”) companies to be treated as tax resident in Ireland beginning January 1, 2015. ...
- The Meritas Guide To Employment Law On A Business Sale In Europe, Middle East And Africa - April 2015: Ireland
1. DO EMPLOYEES AUTOMATICALLY TRANSFER TO THE BUYER WHEN A BUSINESS IS SOLD? The European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 are designed to safeguard the rights of employees when there is a change in the legal owner of the business or part of...
- Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - December 2016 - Issue 10: Ireland
CP 106: Review of Minimum Competency Code 2011 - The Central Bank has published a Consultation Paper on the Review of the Minimum Competency Code 2011 (CP106). The proposed changes to the minimum competency standards reflect knowledge and competence requirements outlined in ESMA’s Guidelines...
- MiFID II Regulations Transposed into Irish Law
The European Union (Markets in Financial Instruments) Regulations 2017 (S.I. 375/2017) (the “MiFID II Regulations”) were signed into law on 10 August 2017 and are now publicly available....
- Potential Regulatory Developments for Irish ETFs
The Central Bank of Ireland (the “Central Bank”) has announced that it will release a feedback statement later this year in response to its 2017 Discussion Paper on ETFs (the “Discussion Paper”) and the general work it has performed related to ETFs in the last year. The Central Bank has outlined it ...
- Irish Government Opposes Restoring Right To Birthright Citizenship, Despite Popular Support
As President Donald Trump talks about ending birthright citizenship with an executive order, the Irish public is talking about restoring birthright citizenship. Ireland ended the right to birthright citizenship in 2004 with a referendum. A proposed law would give anyone born in Ireland the right ...
- Littler Global Guide - Ireland - Q2 2019
Changes to Immigration Law Help Address Skills Shortages - New Legislation Enacted - Three recent developments in the area of corporate immigration will improve access for foreign workers to the Irish labor market. These developments include changes to the list of occupations deemed as...
- Financial Services Quarterly Report - Fourth Quarter 2019: To Compliance and Beyond: the Central Bank’s Forward View for 2020
A recent Dechert OnPoint, No Reward for Good Behaviour: The Central Bank’s Approach to Enforcement, examined new guidance of the Central Bank of Ireland (Central Bank) regarding the enforcement process involving non-compliant firms. Returning to the theme of the OnPoint, this article reviews key...
- Central Bank of Ireland’s Year-End Approval and Amendment Timeframes for Investment Funds
On 28 September 2020, the Central Bank of Ireland (the “Central Bank”) sent a letter to the Irish funds industry outlining the timeframes for receipt of: (i) new fund applications; and (ii) post-authorisation amendments that have approval deadlines before Christmas or year-end (the “Year-End Letter”...